Profire Energy (PFIE) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36378
Entity Registrant Name	PROFIRE ENERGY, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	20-0019425
Entity Address, Address Line One	321 South 1250 West, Suite 1
Entity Address, City or Town	Lindon
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84042
City Area Code	801
Local Phone Number	796-5127
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common, $0.001 Par Value
Trading Symbol	PFIE
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		47,959,582
Amendment Flag	false
Entity Central Index Key	0001289636
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 7,919,545	$ 7,358,856
Short-term investments	2,239,256	1,222,053
Short-term investments - other	600,000	2,600,000
Accounts receivable, net	2,397,985	5,597,701
Inventories, net (note 3)	8,780,571	9,571,807
Prepaid expenses and other current assets (note 4)	2,178,682	1,672,422
Income tax receivable	465,828	77,385
Total Current Assets	24,581,867	28,100,224
LONG-TERM ASSETS
Long-term investments	6,450,891	7,399,963
Financing right-of-use asset	61,347	107,991
Property and equipment, net	11,595,366	12,071,019
Intangible assets, net	1,827,553	1,989,782
Goodwill	2,579,381	2,579,381
Total Long-Term Assets	22,514,538	24,148,136
TOTAL ASSETS	47,096,405	52,248,360
CURRENT LIABILITIES
Accounts payable	980,601	2,633,520
Accrued liabilities (note 5)	1,061,515	2,089,391
Current financing lease liability (note 6)	43,024	59,376
Income taxes payable	0	403,092
Total Current Liabilities	2,085,140	5,185,379
LONG-TERM LIABILITIES
Net deferred income tax liability	484,115	439,275
Long-term financing lease liability (note 6)	20,927	52,120
TOTAL LIABILITIES	2,590,182	5,676,774
STOCKHOLDERS' EQUITY (note 7)
Preferred stock: $0.001 par value, 10,000,000 shares authorized: no shares issued or outstanding	0	0
Common stock: $0.001 par value, 100,000,000 shares authorized: 51,371,960 issued and 47,959,582 outstanding at September 30, 2020, and 50,824,355 issued and 47,411,977 outstanding at December 31, 2019	51,371	50,824
Treasury stock, at cost	(5,353,019)	(5,353,019)
Additional paid-in capital	30,208,082	29,584,172
Accumulated other comprehensive loss	(2,873,765)	(2,415,460)
Retained earnings	22,473,554	24,705,069
TOTAL STOCKHOLDERS' EQUITY	44,506,223	46,571,586
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 47,096,405	$ 52,248,360

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Stock Transactions, Parenthetical Disclosures [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	51,371,960	50,824,355
Common stock, shares outstanding (in shares)	47,959,582	47,411,977

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Other Comprehensive Income (Loss) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES (note 9)
Total Revenues	$ 4,000,106	$ 9,905,761	$ 15,806,727	$ 30,862,850
COST OF SALES
Total Cost of Goods Sold	2,479,683	4,736,465	9,034,763	14,741,644
GROSS PROFIT	1,520,423	5,169,296	6,771,964	16,121,206
OPERATING EXPENSES
General and administrative expenses	2,247,614	3,256,023	8,273,925	9,984,251
Research and development	433,800	641,716	1,073,074	1,503,645
Depreciation and amortization expense	168,507	130,105	496,976	357,238
Total Operating Expenses	2,849,921	4,027,844	9,843,975	11,845,134
INCOME (LOSS) FROM OPERATIONS	(1,329,498)	1,141,452	(3,072,011)	4,276,072
OTHER INCOME (EXPENSE)
Gain on sale of fixed assets	36,483	34,826	193,938	73,166
Other expense	(48,349)	(2,065)	(49,667)	(3,029)
Interest income	103,364	38,478	255,289	216,068
Total Other Income	91,498	71,239	399,560	286,205
INCOME (LOSS) BEFORE INCOME TAXES	(1,238,000)	1,212,691	(2,672,451)	4,562,277
INCOME TAX BENEFIT (EXPENSE)	180,252	(290,943)	440,936	(986,407)
NET INCOME (LOSS)	(1,057,748)	921,748	(2,231,515)	3,575,870
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation gain (loss)	233,170	(91,397)	(336,986)	160,453
Unrealized gains (losses) on investments	(36,840)	(12,386)	(121,319)	105,861
Total Other Comprehensive Income (Loss)	196,330	(103,783)	(458,305)	266,314
COMPREHENSIVE INCOME (LOSS)	$ (861,418)	$ 817,965	$ (2,689,820)	$ 3,842,184
BASIC EARNINGS (LOSS) PER SHARE (in dollars per share)	$ (0.02)	$ 0.02	$ (0.05)	$ 0.08
FULLY DILUTED EARNINGS (LOSS) PER SHARE (in dollars per share)	$ (0.02)	$ 0.02	$ (0.05)	$ 0.07
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares)	47,933,318	47,739,192	47,717,114	47,509,357
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares)	47,933,318	48,469,246	47,717,114	48,259,900
Product
REVENUES (note 9)
Total Revenues	$ 3,517,280	$ 9,251,947	$ 14,377,377	$ 29,009,837
COST OF SALES
Total Cost of Goods Sold	2,141,888	4,326,335	7,919,959	13,465,989
Service
REVENUES (note 9)
Total Revenues	482,826	653,814	1,429,350	1,853,013
COST OF SALES
Total Cost of Goods Sold	$ 337,795	$ 410,130	$ 1,114,804	$ 1,275,655

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings
Balance, beginning of period (in shares) at Dec. 31, 2018		47,932,305
Balance, beginning of period at Dec. 31, 2018	$ 45,255,859	$ 49,708	$ 28,027,742	$ (2,895,683)	$ (2,609,485)	$ 22,683,577
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	66,714		66,714
Stock issued in exercise of stock options (in shares)		2,483
Stock issued in exercise of stock options	0	$ 2	(2)
Stock issued in settlement of RSUs (in shares)		148,723
Stock issued in settlement of RSUs	379,861	$ 149	379,712
Tax withholdings paid related to stock based compensation	(143,022)		(143,022)
Treasury stock repurchased (in shares)		(775,287)
Treasury stock repurchased	(1,333,578)				(1,333,578)
Foreign currency translation	149,415			149,415
Unrealized gains (losses) on investments	68,752			68,752
Net loss	1,668,618					1,668,618
Balance, end of period (in shares) at Mar. 31, 2019		47,308,224
Balance, end of period at Mar. 31, 2019	46,112,619	$ 49,859	28,331,144	(2,677,516)	(3,943,063)	24,352,195
Balance, beginning of period (in shares) at Dec. 31, 2018		47,932,305
Balance, beginning of period at Dec. 31, 2018	45,255,859	$ 49,708	28,027,742	(2,895,683)	(2,609,485)	22,683,577
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, Acquisitions	1,020,000
Net loss	3,575,870
Balance, end of period (in shares) at Sep. 30, 2019		47,618,604
Balance, end of period at Sep. 30, 2019	48,430,295	$ 50,762	29,608,685	(2,629,369)	(4,859,230)	26,259,447
Balance, beginning of period (in shares) at Mar. 31, 2019		47,308,224
Balance, beginning of period at Mar. 31, 2019	46,112,619	$ 49,859	28,331,144	(2,677,516)	(3,943,063)	24,352,195
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	297,127		297,127
Stock issued in exercise of stock options (in shares)		9,174
Stock issued in exercise of stock options	6,850	$ 9	6,841
Stock issued in settlement of RSUs (in shares)		148,794
Stock issued in settlement of RSUs	0	$ 149	(149)
Tax withholdings paid related to stock based compensation	(41,411)		(41,411)
Foreign currency translation	102,435			102,435
Unrealized gains (losses) on investments	49,495			49,495
Net loss	985,504					985,504
Balance, end of period (in shares) at Jun. 30, 2019		47,466,192
Balance, end of period at Jun. 30, 2019	47,512,619	$ 50,017	28,593,552	(2,525,586)	(3,943,063)	25,337,699
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	(5,571)		(5,571)
Stock issued in exercise of stock options (in shares)		4,836
Stock issued in exercise of stock options	2,020	$ 5	2,015
Stock issued in settlement of RSUs (in shares)		546
Stock issued in settlement of RSUs	0	$ 1	(1)
Stock issues during acquisition (in shares)		739,130
Stock Issued During Period, Value, Acquisitions	1,020,000	$ 739	1,019,261
Tax withholdings paid related to stock based compensation	(571)		(571)
Treasury stock repurchased (in shares)		(592,100)
Treasury stock repurchased	(916,167)				(916,167)
Foreign currency translation	(91,397)			(91,397)
Unrealized gains (losses) on investments	(12,386)			(12,386)
Net loss	921,748					921,748
Balance, end of period (in shares) at Sep. 30, 2019		47,618,604
Balance, end of period at Sep. 30, 2019	48,430,295	$ 50,762	29,608,685	(2,629,369)	(4,859,230)	26,259,447
Balance, beginning of period (in shares) at Dec. 31, 2019		47,411,977
Balance, beginning of period at Dec. 31, 2019	46,571,586	$ 50,824	29,584,172	(2,415,460)	(5,353,019)	24,705,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	66,348		66,348
Stock issued in exercise of stock options (in shares)		2,000
Stock issued in exercise of stock options	2,020	$ 2	2,018
Stock issued in settlement of RSUs (in shares)		271,684
Stock issued in settlement of RSUs	419,373	$ 272	419,101
Tax withholdings paid related to stock based compensation	(148,879)		(148,879)
Foreign currency translation	(945,423)			(945,423)
Unrealized gains (losses) on investments	(157,354)			(157,354)
Net loss	(365,264)					(365,264)
Balance, end of period (in shares) at Mar. 31, 2020		47,685,661
Balance, end of period at Mar. 31, 2020	45,442,407	$ 51,098	29,922,760	(3,518,237)	(5,353,019)	24,339,805
Balance, beginning of period (in shares) at Dec. 31, 2019		47,411,977
Balance, beginning of period at Dec. 31, 2019	46,571,586	$ 50,824	29,584,172	(2,415,460)	(5,353,019)	24,705,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock Issued During Period, Value, Acquisitions	0
Net loss	(2,231,515)
Balance, end of period (in shares) at Sep. 30, 2020		47,959,582
Balance, end of period at Sep. 30, 2020	44,506,223	$ 51,371	30,208,082	(2,873,765)	(5,353,019)	22,473,554
Balance, beginning of period (in shares) at Mar. 31, 2020		47,685,661
Balance, beginning of period at Mar. 31, 2020	45,442,407	$ 51,098	29,922,760	(3,518,237)	(5,353,019)	24,339,805
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	183,850		183,850
Stock issued in settlement of RSUs (in shares)		227,454
Stock issued in settlement of RSUs	0	$ 227	(227)
Foreign currency translation	375,267			375,267
Unrealized gains (losses) on investments	72,875			72,875
Net loss	(808,503)					(808,503)
Balance, end of period (in shares) at Jun. 30, 2020		47,913,115
Balance, end of period at Jun. 30, 2020	45,265,896	$ 51,325	30,106,383	(3,070,095)	(5,353,019)	23,531,302
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	101,745		101,745
Stock issued in settlement of RSUs (in shares)		46,467
Stock issued in settlement of RSUs	0	$ 46	(46)
Foreign currency translation	233,170			233,170
Unrealized gains (losses) on investments	(36,840)			(36,840)
Net loss	(1,057,748)					(1,057,748)
Balance, end of period (in shares) at Sep. 30, 2020		47,959,582
Balance, end of period at Sep. 30, 2020	$ 44,506,223	$ 51,371	$ 30,208,082	$ (2,873,765)	$ (5,353,019)	$ 22,473,554

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES
Net loss	$ (2,231,515)	$ 3,575,870
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	860,028	732,396
Gain on sale of fixed assets	(193,938)	(73,166)
Bad debt expense	182,179	255,943
Stock awards issued for services	351,943	358,270
Changes in operating assets and liabilities:
Accounts receivable	3,404,439	1,244,104
Income taxes receivable/payable	(404,304)	(890,523)
Inventories	714,245	1,711,446
Prepaid expenses	43,099	(586,576)
Deferred tax asset/liability	44,840	219,138
Accounts payable and accrued liabilities	(2,648,339)	855,207
Net Cash Provided by Operating Activities	122,677	7,402,109
INVESTING ACTIVITIES
Proceeds from sale of equipment	16,313	75,310
Sale of investments	1,814,070	2,476,227
Purchase of fixed assets	(1,146,400)	(3,309,191)
Payments for acquisitions, net of cash acquired	0	(4,322,722)
Net Cash Provided by (Used in) Investing Activities	683,983	(5,080,376)
FINANCING ACTIVITIES
Value of equity awards surrendered by employees for tax liability	(148,879)	(185,004)
Cash received in exercise of stock options	2,020	8,870
Purchase of treasury stock	0	(2,249,745)
Principal paid towards lease liability	(45,965)	(53,190)
Net Cash Used in Financing Activities	(192,824)	(2,479,069)
Effect of exchange rate changes on cash	(53,147)	(468)
NET CHANGE IN CASH	560,689	(157,804)
CASH AT BEGINNING OF PERIOD	7,358,856	10,101,932
CASH AT END OF PERIOD	7,919,545	9,944,128
CASH PAID FOR:
Interest	4,946	4,469
Income taxes	402,510	1,793,281
NON-CASH FINANCING AND INVESTING ACTIVITIES
Common stock issued in settlement of accrued bonuses	419,373	379,861
Issuance of common stock - Midflow acquisition	$ 0	$ 1,020,000

CONDENSED FINANCIAL STATEMENTS

CONDENSED FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2020
Condensed Financial Information Disclosure [Abstract]
CONDENSED FINANCIAL STATEMENTS	CONDENSED FINANCIAL STATEMENTS Except where the context otherwise requires, all references herein to the "Company," "Profire," "we," "us," "our," or similar words and phrases are to Profire Energy, Inc. and its wholly owned subsidiaries, taken together. The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, stockholders' equity, and cash flows at September 30, 2020 and for all periods presented herein have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements contained in its annual report on Form 10-K for the year ended December 31, 2019 ("Form 10-K"). The results of operations for the three and nine month periods ended September 30, 2020 and 2019 are not necessarily indicative of the operating results for the full years.

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Line of Business This Organization and Summary of Significant Accounting Policies of the Company is presented to assist in understanding the Company's condensed consolidated financial statements. The Company's accounting policies conform to "US GAAP." The Company provides burner-management products, solutions and services for the oil and gas industry primarily in the US and Canadian markets. Significant Accounting Policies There have been no changes to the significant accounting policies of the Company from the information provided in Note 1 of the Notes to the Consolidated Financial Statements in the Company's most recent Form 10-K. Recent Accounting Pronouncements The Company has evaluated all recent accounting pronouncements and determined that the adoption of pronouncements applicable to the Company has not had or is not expected to have a material impact on the Company's financial position, results of operations or cash flows.

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following at each balance sheet date: As of September 30, 2020 December 31, 2019 Raw materials $ 328,945 $ — Finished goods 9,494,074 10,517,858 Work in process — — Subtotal 9,823,019 10,517,858 Reserve for obsolescence (1,042,448) (946,051) Total $ 8,780,571 $ 9,571,807

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	9 Months Ended
	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following at each balance sheet date: As of September 30, 2020 December 31, 2019 Assets classified as held for sale 791,180 — Prepaid Inventory 659,084 1,291,577 Prepaid insurance 275,623 133,611 Vehicle trade-in credits 156,607 — Interest receivables 64,600 80,609 Other 231,588 166,625 Total $ 2,178,682 $ 1,672,422 In the first quarter of 2020, we completed the construction of a new office building and research and development facility in Acheson, Canada. As a result, during the second quarter of 2020 we started the process of selling our old office building in Spruce Grove, Canada. In the table above, the assets classified as held for sale as of September 30, 2020, consist of this old office building which we intend to sell within a one year period from the most recent balance sheet date. The amount shown above is recorded at cost, less accumulated depreciation.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	9 Months Ended
	Sep. 30, 2020
Other Liabilities Disclosure [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES Accrued liabilities consisted of the following at each balance sheet date: As of September 30, 2020 December 31, 2019 Employee-related payables $ 792,050 $ 1,657,826 Warranty liabilities 98,354 166,301 Inventory-related payables 80,641 — Acquisition liabilities — 162,907 Other 90,470 102,357 Total $ 1,061,515 $ 2,089,391

LEASES

LEASES	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
LEASES	LEASES We have leases for office equipment and office space. The leases for office equipment are classified as financing leases and the typical term is 36 months. We have the option to extend most office equipment leases, but we do not intend to do so. Accordingly, no extensions have been recognized in the right-of-use asset or lease liability. The office equipment lease payments are not variable and the lease agreements do not include any non-lease components, residual value guarantees, or restrictions. There are no interest rates implicit in the office equipment lease agreements, so we have used our incremental borrowing rate to determine the discount rate to be applied to our financing leases. The weighted average discount rate applied to our financing leases is 4.50% and the weighted average remaining lease term is 17.8 months. The following table shows the components of financing lease cost: Financing Lease Cost For the Three Months Ended September 30, 2020 For the Nine Months Ended September 30, 2020 Amortization of right-of-use assets $ 11,567 $ 45,064 Interest on lease liabilities 699 4,946 Total financing lease cost $ 12,266 $ 50,010 The following table reconciles future minimum lease payments to the discounted finance lease liability: Years ending December 31, Amount 2020 - remaining $ 12,506 2021 40,921 2022 12,803 2023 — 2024 — Thereafter — Total future minimum lease payments $ 66,230 Less: Amount representing interest 2,279 Present value of future payments $ 63,951 Current portion $ 43,024 Long-term portion $ 20,927 Because our office space leases are short-term, we have elected not to recognize them on our balance sheet under the short-term recognition exemption. During the three and nine months ended September 30, 2020, we recognized $19,189 and $57,719, respectively, in short-term lease costs associated with office space leases.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY As of September 30, 2020 and December 31, 2019, the Company held 3,412,378 shares of its common stock in treasury at a total cost of $5,353,019, respectively. As of September 30, 2020 , the Company had 275,203 restricted stock units, 252,701 performance based restricted stock units, and 934,700 stock options outstanding with $593,361 in remaining compensation expense to be recognized over the next 2.3 years. 2020 EIP and LTIP Due to economic uncertainties including those caused by the COVID-19 pandemic, the Board of Directors of the Company (the "Board"), with the support of the Company's executives, has elected to not adopt an executive incentive plan ("EIP") or long-term incentive plan ("LTIP") for 2020. The Board and executives believe this is an appropriate short-term measure that will help to align the Company's cost structure with the current extraordinary conditions affecting the industry in which we operate. 2019 EIP On April 22, 2019, the Board approved the 2019 Executive Incentive Plan (the “2019 EIP”) for Brenton W. Hatch, the Company’s then President and Chief Executive Officer, Ryan W. Oviatt, the Company’s Chief Financial Officer, Cameron M. Tidball, the Company’s Chief Business Development Officer, Jay G. Fugal, the Company’s Vice President of Operations, and Patrick D. Fisher, the Company’s Vice President of Product Development. The 2019 EIP provided for the potential award of bonuses to the participants based on the Company’s financial performance in fiscal year 2019. On March 4, 2020, the Company's Board of Directors approved a one-time executive bonus in the amount of $828,787 for meeting targets pursuant to the 2019 EIP. Half of the bonus was paid in cash and half of the bonus was settled by issuing 343,748 shares of common stock under the Company's 2014 Equity Incentive Plan, as amended (the "2014 Plan") which was fully vested on the date of grant. Participants were eligible to receive bonuses based upon reaching or exceeding performance goals established by the Board or its Compensation Committee for fiscal 2019. The performance goals in the 2019 EIP were based on the Company’s total revenue, net income, free cash flow, and product development milestones. Each of these performance goals were weighted 25% in calculating bonus amounts. 2019 LTIP On April 22, 2019 the Board also adopted the 2019 Long-Term Incentive plan (the "2019 LTIP") for certain of the Company's executive officers. The 2019 LTIP consists of total awards of up to 66,213 restricted stock units (“RSUs”) to Mr. Oviatt, up to 51,646 RSUs to Mr. Tidball, up to 35,313 RSUs to Mr. Fugal, and up to 24,862 RSUs to Mr. Fisher pursuant to two separate Restricted Stock Unit Award Agreements that were entered into between the Company and each participant under the 2014 Plan. One agreement covers 33% of each award recipient’s RSU's that are subject to time-based vesting, and the other agreement covers the remaining 67% of such award recipient’s RSU's that may vest based on performance metrics. Upon vesting, the award agreements entitle the award recipients to receive one share of the Company’s common stock for each vested RSU. The vesting period of the 2019 LTIP began on January 1, 2019 and terminates on December 31, 2021. 2017 LTIP On March 4, 2020, the Board approved a one-time executive bonus that was settled by issuing 16,689 shares of common stock for meeting targets pursuant to the previously announced "2017 Long-Term Incentive Plan", which shares were issued under the 2014 Plan. These shares were fully vested as of March 4, 2020. 2020 RSUs On June 17, 2020, pursuant to the annual renewal of Director compensation, the Board approved a grant of 270,966 RSUs to Independent Directors. Half of the RSUs vested immediately on the date of grant and the remaining 50% of the RSUs will vest on the first anniversary of the grant date or at the Company's next Annual Meeting of Stockholders, whichever is earlier. The awards will result in total compensation expense of $252,000 to be recognized over the vesting period. On July 30, 2020 Mr. Arlen B. Crouch notified the Chairman of the Board of the Company of his decision to resign, effective August 3, 2020, from his position as a member of the Board. Mr. Crouch’s resignation did not result from any disagreements with Management or the Board. On Mr. Crouch's resignation date all of his unvested RSUs were forfeited and the related compensation expense will be recaptured. On July 30, 2020, the Board appointed Colleen Larkin Bell to serve as a director to fill the vacancy resulting from Mr. Crouch’s resignation, effective August 3, 2020. Ms. Bell will serve as Chair of the Nominating Committee and will serve on the Audit and Compensation Committees. As compensation for her service on the Board and Committee Assignments, on August 21, 2020, the board approved a grant of 92,934 RSUs. Half of the RSUs vested immediately on the date of the grant and the remaining 50% of the RSUs will vest on the first anniversary of the grant date. The awards will result in total compensation expense of $72,953 to be recognized over the vesting period. 2019 RSUs On March 14, 2019, the Board approved a grant of 85,000 RSUs to various employees. The awards vest annually over five years and will result in a total compensation expense of $149,600 to be recognized over the vesting period. On June 12, 2019, pursuant to the annual renewal of Director compensation, the Board approved a grant of 183,942 RSUs to Independent Directors. Half of the RSUs vested immediately on the date of grant and the remaining 50% of the RSUs vested on the first anniversary of the grant date. The awards have resulted in total compensation expense of $252,000 that was recognized over the vesting period. 2020 Stock Options On March 17, 2020 (the "March Grant Date"), the Board approved a grant of options to purchase 115,200 shares of the Company's common stock at a strike price of $0.81 to various employees (the "March 2020 Options"). The Options terminate four years from the March Grant Date and the March 2020 Options become exercisable as to one-third of the shares of common stock covered thereby on each anniversary of the March Grant Date for the next three years following the March Grant Date. The March 2020 Options will result in a total compensation expense of $40,280 to be recognized over the vesting period. On July 2, 2020 (the "July Grant Date"), upon the recommendation of the Compensation Committee, the Board approved the grant of a non-qualified stock option to purchase 100,000 shares of the Company’s common stock to each of Mr. Oviatt and Mr. Tidball under the Company’s 2014 Plan and pursuant to the standard form of Notice of Stock Option Grant and Stock Option Agreement under the plan (the “July Options”). The exercise price of the July Options is equal to the closing bid price of the Company's common stock on July 2, 2020 or $0.8439 per share. The July Options shall vest equally over a period of three years from the July Grant Date. Vesting occurs on the anniversary date of the July Grant Date, with one-third of the total shares vesting on each of the first three anniversaries of the July Grant Date. Vesting is contingent upon the executive’s continued employment with the Company on each applicable vesting date. The July Options expire on July 2, 2024. These July Options will result in a total compensation expense of $79,431 to be recognized over the vesting period. On August 21, 2020 (the "August Grant Date"), the Board approved a grant of options to purchase 630,000 shares of the Company's common stock at a strike price of $0.785 to various employees (the "August Options"). The Options terminate four years from the August Grant Date and the August Options shall become exercisable as to one-third of the shares of common stock covered thereby on each anniversary of the August Grant Date for the next three years following the August Grant Date. The August Options will result in a total compensation expense of $233,111 to be recognized over the vesting period.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS Millstream Energy Products On June 18, 2019, our wholly-owned subsidiary, Profire Combustion, Inc., acquired substantially all the assets of Millstream Energy Products, LTD., a Canadian corporation ("MEP"). MEP is a privately-held Canadian company that developed a line of high-performance burners, economy burners, flame arrestor housings, secondary air control plates, and other related combustion components. MEP’s full line of products became available for sale by Profire’s existing sales team immediately after closing of the transaction. These products complement our burner-management system (BMS) product offerings and enable us to supply a larger portion of the total BMS package sale to our customers. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations . The purchase price of $2,219,782 was funded through existing cash. A portion of the cash purchase amount equal to $140,257 was held back for 6 months pending satisfaction of seller obligations under the purchase agreement and was paid to the seller on February 20, 2020. The seller is also entitled to receive a 4.5% annual royalty on proprietary MEP product revenue generated during the next five years period from June 18, 2019 to June 18, 2024. Profire hired a valuation firm to perform the purchase price allocation based on net assets received and the price paid. Based on the fair value of net assets at the time of purchase, the Company recorded intangible assets in the amount of $990,000 and goodwill of $17,681. Intangible assets include customer relationships, the trade name and developed technology. The purchase price calculation is a follows: Cash $ 2,079,525 Liabilities 140,257 $ 2,219,782 The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of purchase: Accounts receivable $ 207,145 Inventory 1,119,143 Intangible assets 990,000 Goodwill 17,681 Accounts payable (114,187) $ 2,219,782 Transaction and other costs directly related to the acquisition of MEP, consisting primarily of professional fees and integration expenses, have amounted to approximately $136,811, were expensed as incurred and are included in general and administrative expenses. Midflow Services On August 5, 2019, we acquired all of the outstanding membership interests of Midflow Services, LLC ("Midflow"). Midflow provides packaged combustion solutions and services to the upstream and midstream oil and gas industry. The Midflow acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations . The purchase price of $3,439,371 was funded through a combination of existing cash and shares of the Company's common stock. The cash portion of the purchase price includes $500,000 placed in an escrow account for 12 months pending satisfaction of certain obligations under the purchase agreement which was settled in August 2020. Profire hired a valuation firm to perform the purchase price allocation based on the net assets received and the price paid. Based on the fair value of the net assets at the time of purchase, the Company recorded intangible assets in the amount of $1,110,000 and goodwill of $1,564,000. Intangible assets include customer relationships, the trade name and developed technology. The purchase price calculation is as follows: Cash $ 2,419,371 Stock 1,020,000 $ 3,439,371 The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of purchase: Cash $ 172,850 Accounts receivable 324,989 Inventory 269,746 Prepaid expenses 13,180 Property and equipment 126,000 Intangible assets 1,110,000 Goodwill 1,564,000 Accounts payable (134,956) Accrual liabilities (6,438) $ 3,439,371 Transaction costs directly related to the acquisition of Midflow, consisting primarily of professional fees and integration expenses, amounted to approximately $44,087. All of these costs were expensed as incurred and are included in general and administrative expenses.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUEPerformance Obligations Our performance obligations include providing product and servicing our product. We recognize product revenue performance obligations in most cases when the product is delivered to the customer. Occasionally, if we are shipping the product on a customer’s account, we recognize revenue when the product has been shipped. At that point in time, the control of the product is transferred to the customer. When we perform service work, we apply the practical expedient that allows us to recognize service revenue when we have the right to invoice the customer for the work completed. We do not engage in transactions acting as an agent. The time needed to complete our performance obligations varies based on the size of the project; however, we typically satisfy our performance obligations within a few months of entering into the applicable sales contract or service contract. Our customers have the right to return certain unused and unopened products within 90 days for a restocking fee. We provide a warranty on some of our products ranging from 90 days to 2 years, depending on the product. See note 5 for the amount accrued for expected returns and warranty claims as of September 30, 2020. Contract Balances We have elected to use the practical expedient in ASC 340-40-25-4 (regarding recognition of the incremental costs of obtaining a contract) for costs related to contracts that are estimated to be completed within one year. All of our current sales contracts and service contracts are expected to be completed within one year, and as a result, we have not recognized a contract asset account. If we had chosen not to use this practical expedient, we would not expect a material difference in the contract balances. We also did not have any material contract liabilities because we typically do not receive payments in advance of recognizing revenue. Disaggregation of Revenue All revenue recognized in the income statement is considered to be revenue from contracts with customers. The table below shows revenue by category: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Electronics $ 1,406,681 $ 3,880,542 $ 5,708,436 $ 12,632,170 Manufactured 139,057 519,990 682,149 1,456,789 Re-Sell 1,971,542 4,851,415 7,986,792 14,920,878 Service 482,826 653,814 1,429,350 1,853,013 Total Revenue $ 4,000,106 $ 9,905,761 $ 15,806,727 $ 30,862,850

BASIC AND DILUTED EARNINGS PER

BASIC AND DILUTED EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
BASIC AND DILUTED EARNINGS PER SHARE	BASIC AND DILUTED EARNINGS PER SHARE The following table is a reconciliation of the numerator and denominators used in the earnings per share calculation: For the Three Months Ended September 30, 2020 2019 Income (loss) (Numerator) Weighted Average Shares (Denominator) Per-Share Income (Numerator) Weighted Average Shares (Denominator) Per-Share Basic EPS Net income (loss) available to common stockholders $ (1,057,748) 47,933,318 $ (0.02) $ 921,748 47,739,192 $ 0.02 Effect of Dilutive Securities Stock options & RSUs — — — 730,054 Diluted EPS Net income (loss) available to common stockholders + assumed conversions $ (1,057,748) 47,933,318 $ (0.02) $ 921,748 48,469,246 $ 0.02 RSUs to obtain 527,904 shares of common stock were outstanding during the three months ended September 30, 2020, but were not included in the computation of diluted EPS because the impact of these shares would be antidilutive. These RSUs, which expire between March 2021 and March 2024, were still outstanding at September 30, 2020. Stock options to purchase 244,600 shares of common stock at a weighted average price of $3.88 per share were outstanding during the three months ended September 30, 2019, but were not included in the computation of diluted EPS because the impact of these shares would be antidilutive. These options, which expired between November 2019 and May 2020, were still outstanding at September 30, 2019. For the Nine Months Ended September 30, 2020 2019 Income (loss) (Numerator) Weighted Average Shares (Denominator) Per-Share Income (Numerator) Weighted Average Shares (Denominator) Per-Share Basic EPS Net income (loss) available to common stockholders $ (2,231,515) 47,717,114 $ (0.05) $ 3,575,870 47,509,357 $ 0.08 Effect of Dilutive Securities Stock options & RSUs — — — 750,543 Diluted EPS Net income (loss) available to common stockholders + assumed conversions $ (2,231,515) 47,717,114 $ (0.05) $ 3,575,870 48,259,900 $ 0.07 Stock options and RSUs to purchase 666,714 shares of common stock at a weighted average price of $0.85 per share were outstanding during the nine months ended September 30, 2020, but were not included in the computation of diluted EPS because the impact of these shares would be antidilutive. These stock options and RSUs, which expire between March 2021 and August 2024, were still outstanding at September 30, 2020. Stock options to purchase 244,600 shares of common stock at a weighted average price of $3.88 per share were outstanding during the nine months ended September 30, 2019, but were not included in the computation of diluted EPS because the impact of these shares would be antidilutive. These options, which expired between November 2019 and May 2020, were still outstanding at September 30, 2019.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company operates in the United States and Canada. Segment information for these geographic areas is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Sales 2020 2019 2020 2019 Canada $ 755,701 $ 1,890,592 $ 2,365,118 $ 3,883,010 United States 3,244,405 8,015,169 13,441,609 26,979,840 Total Consolidated $ 4,000,106 $ 9,905,761 $ 15,806,727 $ 30,862,850 For the Three Months Ended September 30, For the Nine Months Ended September 30, Profit (Loss) 2020 2019 2020 2019 Canada $ (473,395) $ (242,182) $ (1,059,627) $ (1,171,424) United States (584,353) 1,163,930 (1,171,888) 4,747,294 Total Consolidated $ (1,057,748) $ 921,748 $ (2,231,515) $ 3,575,870 As of Long-Lived Assets September 30, 2020 December 31, 2019 Canada $ 5,733,180 $ 6,068,061 United States 16,781,358 18,080,075 Total Consolidated $ 22,514,538 $ 24,148,136

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSIn accordance with ASC 855 "Subsequent Events," Company Management reviewed all material events through the date this report was issued and there were no subsequent events to report.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has evaluated all recent accounting pronouncements and determined that the adoption of pronouncements applicable to the Company has not had or is not expected to have a material impact on the Company's financial position, results of operations or cash flows.
Revenue	Performance Obligations Our performance obligations include providing product and servicing our product. We recognize product revenue performance obligations in most cases when the product is delivered to the customer. Occasionally, if we are shipping the product on a customer’s account, we recognize revenue when the product has been shipped. At that point in time, the control of the product is transferred to the customer. When we perform service work, we apply the practical expedient that allows us to recognize service revenue when we have the right to invoice the customer for the work completed. We do not engage in transactions acting as an agent. The time needed to complete our performance obligations varies based on the size of the project; however, we typically satisfy our performance obligations within a few months of entering into the applicable sales contract or service contract. Our customers have the right to return certain unused and unopened products within 90 days for a restocking fee. We provide a warranty on some of our products ranging from 90 days to 2 years, depending on the product. See note 5 for the amount accrued for expected returns and warranty claims as of September 30, 2020. Contract Balances We have elected to use the practical expedient in ASC 340-40-25-4 (regarding recognition of the incremental costs of obtaining a contract) for costs related to contracts that are estimated to be completed within one year. All of our current sales contracts and service contracts are expected to be completed within one year, and as a result, we have not recognized a contract asset account. If we had chosen not to use this practical expedient, we would not expect a material difference in the contract balances. We also did not have any material contract liabilities because we typically do not receive payments in advance of recognizing revenue.

INVENTORY (Tables)

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following at each balance sheet date: As of September 30, 2020 December 31, 2019 Raw materials $ 328,945 $ — Finished goods 9,494,074 10,517,858 Work in process — — Subtotal 9,823,019 10,517,858 Reserve for obsolescence (1,042,448) (946,051) Total $ 8,780,571 $ 9,571,807

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	9 Months Ended
	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	Prepaid expenses and other current assets consisted of the following at each balance sheet date: As of September 30, 2020 December 31, 2019 Assets classified as held for sale 791,180 — Prepaid Inventory 659,084 1,291,577 Prepaid insurance 275,623 133,611 Vehicle trade-in credits 156,607 — Interest receivables 64,600 80,609 Other 231,588 166,625 Total $ 2,178,682 $ 1,672,422

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2020
Other Liabilities Disclosure [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following at each balance sheet date: As of September 30, 2020 December 31, 2019 Employee-related payables $ 792,050 $ 1,657,826 Warranty liabilities 98,354 166,301 Inventory-related payables 80,641 — Acquisition liabilities — 162,907 Other 90,470 102,357 Total $ 1,061,515 $ 2,089,391

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Components of Financing Lease Cost	The following table shows the components of financing lease cost: Financing Lease Cost For the Three Months Ended September 30, 2020 For the Nine Months Ended September 30, 2020 Amortization of right-of-use assets $ 11,567 $ 45,064 Interest on lease liabilities 699 4,946 Total financing lease cost $ 12,266 $ 50,010
Future Minimum Lease Payments to Discounted Finance Lease Liability	The following table reconciles future minimum lease payments to the discounted finance lease liability: Years ending December 31, Amount 2020 - remaining $ 12,506 2021 40,921 2022 12,803 2023 — 2024 — Thereafter — Total future minimum lease payments $ 66,230 Less: Amount representing interest 2,279 Present value of future payments $ 63,951 Current portion $ 43,024 Long-term portion $ 20,927

ACQUISITION (Tables)

ACQUISITION (Tables)	9 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Business Combinations	The purchase price calculation is a follows: Cash $ 2,079,525 Liabilities 140,257 $ 2,219,782 The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of purchase: Accounts receivable $ 207,145 Inventory 1,119,143 Intangible assets 990,000 Goodwill 17,681 Accounts payable (114,187) $ 2,219,782 The purchase price calculation is as follows: Cash $ 2,419,371 Stock 1,020,000 $ 3,439,371 The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the date of purchase: Cash $ 172,850 Accounts receivable 324,989 Inventory 269,746 Prepaid expenses 13,180 Property and equipment 126,000 Intangible assets 1,110,000 Goodwill 1,564,000 Accounts payable (134,956) Accrual liabilities (6,438) $ 3,439,371

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue by Product Line	The table below shows revenue by category: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Electronics $ 1,406,681 $ 3,880,542 $ 5,708,436 $ 12,632,170 Manufactured 139,057 519,990 682,149 1,456,789 Re-Sell 1,971,542 4,851,415 7,986,792 14,920,878 Service 482,826 653,814 1,429,350 1,853,013 Total Revenue $ 4,000,106 $ 9,905,761 $ 15,806,727 $ 30,862,850

BASIC AND DILUTED EARNINGS PE_2

BASIC AND DILUTED EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table is a reconciliation of the numerator and denominators used in the earnings per share calculation: For the Three Months Ended September 30, 2020 2019 Income (loss) (Numerator) Weighted Average Shares (Denominator) Per-Share Income (Numerator) Weighted Average Shares (Denominator) Per-Share Basic EPS Net income (loss) available to common stockholders $ (1,057,748) 47,933,318 $ (0.02) $ 921,748 47,739,192 $ 0.02 Effect of Dilutive Securities Stock options & RSUs — — — 730,054 Diluted EPS Net income (loss) available to common stockholders + assumed conversions $ (1,057,748) 47,933,318 $ (0.02) $ 921,748 48,469,246 $ 0.02 For the Nine Months Ended September 30, 2020 2019 Income (loss) (Numerator) Weighted Average Shares (Denominator) Per-Share Income (Numerator) Weighted Average Shares (Denominator) Per-Share Basic EPS Net income (loss) available to common stockholders $ (2,231,515) 47,717,114 $ (0.05) $ 3,575,870 47,509,357 $ 0.08 Effect of Dilutive Securities Stock options & RSUs — — — 750,543 Diluted EPS Net income (loss) available to common stockholders + assumed conversions $ (2,231,515) 47,717,114 $ (0.05) $ 3,575,870 48,259,900 $ 0.07

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of Segment Information for Geographic Areas	Segment information for these geographic areas is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, Sales 2020 2019 2020 2019 Canada $ 755,701 $ 1,890,592 $ 2,365,118 $ 3,883,010 United States 3,244,405 8,015,169 13,441,609 26,979,840 Total Consolidated $ 4,000,106 $ 9,905,761 $ 15,806,727 $ 30,862,850 For the Three Months Ended September 30, For the Nine Months Ended September 30, Profit (Loss) 2020 2019 2020 2019 Canada $ (473,395) $ (242,182) $ (1,059,627) $ (1,171,424) United States (584,353) 1,163,930 (1,171,888) 4,747,294 Total Consolidated $ (1,057,748) $ 921,748 $ (2,231,515) $ 3,575,870 As of Long-Lived Assets September 30, 2020 December 31, 2019 Canada $ 5,733,180 $ 6,068,061 United States 16,781,358 18,080,075 Total Consolidated $ 22,514,538 $ 24,148,136

INVENTORY (Details)

INVENTORY (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 328,945	$ 0
Finished goods	9,494,074	10,517,858
Work in process	0	0
Subtotal	9,823,019	10,517,858
Reserve for obsolescence	(1,042,448)	(946,051)
Total	$ 8,780,571	$ 9,571,807

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of other current assets (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Assets classified as held for sale	$ 791,180	$ 0
Prepaid Inventory	659,084	1,291,577
Prepaid insurance	275,623	133,611
Vehicle trade-in credits	156,607	0
Interest receivables	64,600	80,609
Other	231,588	166,625
Total	$ 2,178,682	$ 1,672,422

ACCRUED LIABILITIES - Schedule

ACCRUED LIABILITIES - Schedule of Accrued Liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Employee-related payables	$ 792,050	$ 1,657,826
Warranty liabilities	98,354	166,301
Inventory-related payables	80,641	0
Acquisition liabilities	0	162,907
Other	90,470	102,357
Total	$ 1,061,515	$ 2,089,391

LEASES - Narrative (Details)

LEASES - Narrative (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Leases [Abstract]
Lease term	36 months	36 months
Weighted average discount rate	4.50%	4.50%
Weighted average remaining lease term	17 months 24 days	17 months 24 days
Short-term lease cost	$ 19,189	$ 57,719

LEASES - Components of Financin

LEASES - Components of Financing Lease Cost (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Leases [Abstract]
Amortization of right-of-use assets	$ 11,567	$ 45,064
Interest on lease liabilities	699	4,946
Total financing lease cost	$ 12,266	$ 50,010

LEASES - Future Minimum Lease P

LEASES - Future Minimum Lease Payments to Discounted Finance Lease Liability (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Years ending December 31,
2020 - remaining	$ 12,506
2021	40,921
2022	12,803
2023	0
2024	0
Thereafter	0
Total future minimum lease payments	66,230
Less: Amount representing interest	2,279
Present value of future payments	63,951
Current portion	43,024	$ 59,376
Long-term portion	$ 20,927	$ 52,120

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	Aug. 21, 2020	Jul. 02, 2020	Jun. 17, 2020	Mar. 17, 2020	Mar. 04, 2020	Jun. 12, 2019	Apr. 22, 2019	Mar. 14, 2019	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock (in shares)									3,412,378	3,412,378
Treasury stock, at cost									$ 5,353,019	$ 5,353,019
Compensation expense									$ 593,361
Compensation expense recognition period									2 years 3 months 18 days
Number of shares approved (in shares)				115,200
Strike price (in dollars per share)	$ 0.785			$ 0.81
Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				33.33%
Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				33.33%
Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage				33.33%
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)									275,203
Number of shares granted (shares)	92,934		270,966
Award vesting percentage	50.00%		50.00%
Unrecognized compensation cost	$ 72,953		$ 252,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)									252,701
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)									934,700
Compensation expense	$ 233,111	$ 79,431		$ 40,280
Award vesting period	3 years	3 years		3 years
Expiration period	4 years			4 years
2019 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance goal weight							25.00%
2019 LTIP | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric							33.00%
2019 LTIP | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric							67.00%
2019 LTIP | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)						183,942		85,000
Award vesting percentage						50.00%
Award vesting period								5 years
Unrecognized compensation cost						$ 252,000		$ 149,600
Executive Officer | 2019 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
One-time executive bonus					$ 828,787
Executive Officer | 2014 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
One-time executive bonus (in shares)					343,748
Executive Officer | 2017 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
One-time executive bonus (in shares)					16,689
Chief Financial Officer | 2019 LTIP | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)							66,213
Chief Business Development Officer | 2019 LTIP | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)							51,646
Vice President of Operations | 2019 LTIP | Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)	630,000	100,000
Vice President of Operations | 2019 LTIP | Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)		0.8439
Vice President of Operations | 2019 LTIP | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)							35,313
Vice President of Product Development | 2019 LTIP | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)							24,862

ACQUISITION - Narrative (Detail

ACQUISITION - Narrative (Details) - USD ($)	Aug. 05, 2019	Jun. 18, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill			$ 2,579,381	$ 2,579,381
MEP
Business Acquisition [Line Items]
Acquisition purchase price		$ 2,219,782
Liabilities		$ 140,257
Consideration held for seller obligations, period		6 months
Royalty percentage		4.50%
Royalty revenue period		5 years
Intangible assets		$ 990,000
Goodwill		17,681
Acquisition related costs		$ 136,811
Midflow Services, LLC
Business Acquisition [Line Items]
Acquisition purchase price	$ 3,439,371
Goodwill	1,564,000
Acquisition related costs	44,087
Escrow deposit	500,000
Intangible assets	$ 1,110,000

ACQUISITION (Details)

ACQUISITION (Details) - USD ($)	Aug. 05, 2019	Jun. 18, 2019	Sep. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill			$ 2,579,381	$ 2,579,381
MEP
Business Acquisition [Line Items]
Cash		$ 2,079,525
Liabilities		140,257
Acquisition purchase price		2,219,782
Accounts receivable		207,145
Inventory		1,119,143
Intangible assets		990,000
Goodwill		17,681
Accounts payable		(114,187)
Net		$ 2,219,782
Midflow Services, LLC
Business Acquisition [Line Items]
Cash	$ 2,419,371
Stock	1,020,000
Acquisition purchase price	3,439,371
Cash	172,850
Accounts receivable	324,989
Inventory	269,746
Prepaid expenses	13,180
Property and equipment	126,000
Intangible assets	1,110,000
Goodwill	1,564,000
Accounts payable	(134,956)
Accrual liabilities	(6,438)
Net	$ 3,439,371

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Return period			90 days
Total Revenues	$ 4,000,106	$ 9,905,761	$ 15,806,727	$ 30,862,850
Minimum
Disaggregation of Revenue [Line Items]
Product warranty term			90 days
Maximum
Disaggregation of Revenue [Line Items]
Product warranty term			2 years
Electronics
Disaggregation of Revenue [Line Items]
Total Revenues	1,406,681	3,880,542	$ 5,708,436	12,632,170
Manufactured
Disaggregation of Revenue [Line Items]
Total Revenues	139,057	519,990	682,149	1,456,789
Re-Sell
Disaggregation of Revenue [Line Items]
Total Revenues	1,971,542	4,851,415	7,986,792	14,920,878
Service
Disaggregation of Revenue [Line Items]
Total Revenues	$ 482,826	$ 653,814	$ 1,429,350	$ 1,853,013

BASIC AND DILUTED EARNINGS PE_3

BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Income (loss) (Numerator)
Net income (loss) available to common stockholders	$ (1,057,748)	$ (808,503)	$ (365,264)	$ 921,748	$ 985,504	$ 1,668,618	$ (2,231,515)	$ 3,575,870
Stock options & RSUs	0			0			0	0
Net income (loss) available to common stockholders + assumed conversions	$ (1,057,748)			$ 921,748			$ (2,231,515)	$ 3,575,870
Weighted Average Shares (Denominator)
Weighted average basic shares outstanding (in shares)	47,933,318			47,739,192			47,717,114	47,509,357
Effect of Dilutive Securities, Stock options & RSUs (in shares)	0			730,054			0	750,543
Weighted average diluted shares outstanding (in shares)	47,933,318			48,469,246			47,717,114	48,259,900
Per-Share Amount
Basic earnings per share (in dollars per share)	$ (0.02)			$ 0.02			$ (0.05)	$ 0.08
Diluted earnings per share (in dollars per share)	$ (0.02)			$ 0.02			$ (0.05)	$ 0.07
Antidilutive securities excluded from computation of earnings per share (in shares)	527,904			244,600			666,714	244,600
Weighted average (in dollars per share)				$ 3.88			$ 0.85	$ 3.88

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Sales	$ 4,000,106			$ 9,905,761			$ 15,806,727	$ 30,862,850
Profit (Loss)	(1,057,748)	$ (808,503)	$ (365,264)	921,748	$ 985,504	$ 1,668,618	(2,231,515)	3,575,870
Long-Lived Assets	22,514,538						22,514,538		$ 24,148,136
Canada
Segment Reporting Information [Line Items]
Sales	755,701			1,890,592			2,365,118	3,883,010
Profit (Loss)	(473,395)			(242,182)			(1,059,627)	(1,171,424)
Long-Lived Assets	5,733,180						5,733,180		6,068,061
United States
Segment Reporting Information [Line Items]
Sales	3,244,405			8,015,169			13,441,609	26,979,840
Profit (Loss)	(584,353)			$ 1,163,930			(1,171,888)	$ 4,747,294
Long-Lived Assets	$ 16,781,358						$ 16,781,358		$ 18,080,075