Profire Energy (PFIE) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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
Entity Address, Address Line Two	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 (in shares)		47,351,887
Amendment Flag	false
Entity Central Index Key	0001289636
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 7,219,356	$ 7,384,578
Short-term investments	2,071,834	1,154,284
Accounts receivable, net	12,308,290	10,886,145
Inventories, net (note 3)	10,589,023	10,293,980
Prepaid expenses and other current assets (note 4)	2,650,823	2,314,639
Total Current Assets	34,839,326	32,033,626
LONG-TERM ASSETS
Long-term investments	7,052,725	7,503,419
Financing right-of-use asset	106,760	120,239
Property and equipment, net	10,330,685	10,423,964
Intangible assets, net	1,225,154	1,268,907
Goodwill	2,579,381	2,579,381
Total Long-Term Assets	21,294,705	21,895,910
TOTAL ASSETS	56,134,031	53,929,536
CURRENT LIABILITIES
Accounts payable	1,962,882	2,955,506
Accrued liabilities (note 5)	2,922,928	3,573,994
Current financing lease liability (note 6)	51,821	53,646
Income taxes payable	834,542	205,169
Total Current Liabilities	5,772,173	6,788,315
LONG-TERM LIABILITIES
Net deferred income tax liability	701,406	488,858
Long-term financing lease liability (note 6)	56,522	67,883
TOTAL LIABILITIES	6,530,101	7,345,056
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: 52,390,017 issued and 47,351,887 outstanding at March 31, 2023, and 52,143,901 issued and 47,105,771 outstanding at December 31, 2022	52,391	52,144
Treasury stock, at cost	(7,336,323)	(7,336,323)
Additional paid-in capital	32,096,662	31,737,843
Accumulated other comprehensive loss	(3,224,110)	(3,294,873)
Retained earnings	28,015,310	25,425,689
TOTAL STOCKHOLDERS' EQUITY	49,603,930	46,584,480
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 56,134,031	$ 53,929,536

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Stock Transactions, Parenthetical Disclosure [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)	52,390,017	52,143,901
Common stock, shares outstanding (in shares)	47,351,887	47,105,771

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUES (note 8)
Total Revenues	$ 14,553,461	$ 9,503,140
COST OF SALES
Total Cost of Sales	6,720,353	4,946,436
GROSS PROFIT	7,833,108	4,556,704
OPERATING EXPENSES
General and administrative	4,047,969	3,392,379
Research and development	336,452	308,316
Depreciation and amortization	142,887	167,015
Total Operating Expenses	4,527,308	3,867,710
INCOME FROM OPERATIONS	3,305,800	688,994
OTHER INCOME (EXPENSE)
Gain on sale of assets	53,075	95,842
Other expense	(9,553)	(18,081)
Interest income	58,047	21,545
Interest expense	(933)	(697)
Total Other Income	100,636	98,609
INCOME BEFORE INCOME TAXES	3,406,436	787,603
INCOME TAX EXPENSE	(816,815)	(160,442)
NET INCOME	2,589,621	627,161
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation gain (loss)	(5,524)	158,359
Unrealized gains (losses) on investments	76,287	(287,126)
Total Other Comprehensive Income (Loss)	70,763	(128,767)
COMPREHENSIVE INCOME	$ 2,660,384	$ 498,394
BASIC EARNINGS PER SHARE (in dollars per share)	$ 0.05	$ 0.01
FULLY DILUTED EARNINGS PER SHARE (in dollars per share)	$ 0.05	$ 0.01
BASIC WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares)	47,174,518	47,481,439
FULLY DILUTED WEIGHTED AVG NUMBER OF SHARES OUTSTANDING (in shares)	48,612,833	48,536,418
Product
REVENUES (note 8)
Total Revenues	$ 13,628,512	$ 8,878,423
COST OF SALES
Total Cost of Sales	5,974,339	4,382,700
Service
REVENUES (note 8)
Total Revenues	924,949	624,717
COST OF SALES
Total Cost of Sales	$ 746,014	$ 563,736

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' 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, 2021		47,643,233
Balance, beginning of period at Dec. 31, 2021	$ 44,140,983	$ 51,720	$ 30,819,394	$ (2,100,467)	$ (6,107,593)	$ 21,477,929
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	138,503		138,503
Stock issued in settlement of RSUs and accrued bonuses (in shares)		139,894
Stock issued in settlement of RSUs and accrued bonuses	212,787	$ 140	212,647
Tax withholdings paid related to stock based compensation	(91,098)		(91,098)
Treasury stock repurchased (in shares)		(509,631)
Treasury stock repurchased	(622,263)				(622,263)
Foreign currency translation	158,359			158,359
Unrealized gains on investments	(287,126)			(287,126)
Net income	627,161					627,161
Balance, end of period (in shares) at Mar. 31, 2022		47,273,496
Balance, end of period at Mar. 31, 2022	$ 44,277,306	$ 51,860	31,079,446	(2,229,234)	(6,729,856)	22,105,090
Balance, beginning of period (in shares) at Dec. 31, 2022	52,143,901	47,105,771
Balance, beginning of period at Dec. 31, 2022	$ 46,584,480	$ 52,144	31,737,843	(3,294,873)	(7,336,323)	25,425,689
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation	223,047		223,047
Stock issued in settlement of RSUs and accrued bonuses (in shares)		246,116
Stock issued in settlement of RSUs and accrued bonuses	378,526	$ 247	378,279
Tax withholdings paid related to stock based compensation	(242,506)		(242,506)
Foreign currency translation	(5,524)			(5,524)
Unrealized gains on investments	76,287			76,287
Net income	$ 2,589,621					2,589,621
Balance, end of period (in shares) at Mar. 31, 2023	52,390,017	47,351,887
Balance, end of period at Mar. 31, 2023	$ 49,603,930	$ 52,391	$ 32,096,662	$ (3,224,110)	$ (7,336,323)	$ 28,015,310

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES
Net income	$ 2,589,621	$ 627,161
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	262,039	281,119
Gain on sale of property and equipment	(53,075)	(95,842)
Bad debt expense	41,792	28,453
Stock awards issued for services	223,047	138,503
Changes in operating assets and liabilities:
Accounts receivable	(1,108,889)	(1,663,295)
Income taxes receivable/payable	629,371	439,034
Inventories	(292,119)	(530,568)
Prepaid expenses and other current assets	(335,832)	49,283
Deferred tax asset/liability	212,548	47,030
Accounts payable and accrued liabilities	(1,646,723)	(513,227)
Net Cash Provided by (Used in) Operating Activities	521,780	(1,192,349)
INVESTING ACTIVITIES
Proceeds from sale of property and equipment	97,886	112,982
Sale (purchase) of investments	(390,548)	679,636
Purchase of property and equipment	(153,755)	(207,848)
Net Cash Provided by (Used in) Investing Activities	(446,417)	584,770
FINANCING ACTIVITIES
Value of equity awards surrendered by employees for tax liability	(242,506)	(91,098)
Cash received in exercise of stock options	0	0
Purchase of treasury stock	0	(622,263)
Principal paid towards lease liability	(6,947)	(12,629)
Net Cash Used in Financing Activities	(249,453)	(725,990)
Effect of exchange rate changes on cash	8,868	24,766
NET DECREASE IN CASH	(165,222)	(1,308,803)
CASH AT BEGINNING OF PERIOD	7,384,578	8,188,270
CASH AT END OF PERIOD	7,219,356	6,879,467
CASH PAID FOR:
Interest	933	697
Income taxes	0	0
NON-CASH FINANCING AND INVESTING ACTIVITIES
Common stock issued in settlement of accrued bonuses	$ 378,526	$ 212,787

CONDENSED FINANCIAL STATEMENTS

CONDENSED FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2023
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 condensed consolidated financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments have been made (which include only normal recurring adjustments) which are necessary to present fairly the financial position, results of operations, stockholders' equity, and cash flows at March 31, 2023 and for all periods presented herein. 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, 2022 ("Form 10-K"). The results of operations for the three-month periods ended March 31, 2023 and 2022 are not necessarily indicative of the operating results for the full years. Certain amounts in the accompanying March 31, 2022 condensed consolidated statement of income and comprehensive income (loss) have been reclassified to conform to the March 31, 2023 presentation.

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 primarily for the oil and gas industry within the US and Canadian markets. The Company has made progress in expansion efforts outside of these markets into other industries with combustion and burner management requirements as well as into other international locations. 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	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following at each balance sheet date: As of March 31, 2023 December 31, 2022 Raw materials $ 152,080 $ 166,927 Finished goods 10,773,616 10,452,930 Subtotal 10,925,696 10,619,857 Reserve for obsolescence (336,673) (325,877) Total $ 10,589,023 $ 10,293,980

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Prepaid inventory $ 1,273,029 $ 784,420 Accrued receivables 866,677 881,176 Prepaid insurance 164,951 240,785 Interest receivables 59,163 72,761 Tax credits 98,586 118,035 Other 188,417 217,462 Total $ 2,650,823 $ 2,314,639

ACCRUED LIABILITIES

ACCRUED LIABILITIES	3 Months Ended
	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
ACCRUED LIABILITIES	ACCRUED LIABILITIES Accrued liabilities consisted of the following at each balance sheet date: As of March 31, 2023 December 31, 2022 Employee-related payables $ 1,416,556 $ 2,404,848 Deferred revenue 466,048 420,827 Inventory-related payables 644,629 285,109 Tax-related payables 106,002 54,762 Warranty liabilities 90,248 74,103 Other 199,445 334,345 Total $ 2,922,928 $ 3,573,994

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
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 between 36 and 60 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 for the purpose of determining our lease liabilities. The weighted average discount rate applied to our financing leases is 4.50% and the weighted average remaining lease term is 3.3 years. The following table shows the components of financing lease cost: For the Three Months Ended March 31, Financing Lease Cost 2023 2022 Amortization of right-of-use assets $ 7,240 $ 12,418 Interest on lease liabilities 933 696 Total financing lease cost $ 8,173 $ 13,114 The Company leases one warehouse space with a two-year lease, which is recorded as an operating lease. We consider the remainder of our office space leases to be short-term, and we have elected not to recognize those on our balance sheet under the short-term recognition exemption. Operating lease expense recognized during the three-months ended March 31, 2023 and March 31, 2022 was $18,852 and $20,652, respectively. Supplemental operating lease information as of March 31, 2023 is as follows: Operating right of use assets $ 30,063 Current operating lease liabilities 25,671 Long-term operating lease liabilities 4,392 Weighted-average remaining lease term in years 1.3 Weighted-average discount rate 4.5 % As of March 31, 2023, maturities of lease liabilities are as follows: Years ending December 31, Amount 2023 $ 43,439 2024 40,886 2025 11,927 2026 11,927 2027 6,958 Thereafter — Total future minimum lease payments $ 115,137 Less: Amount representing interest 6,794 Present value of future payments $ 108,343 Current portion $ 51,821 Long-term portion $ 56,522

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS' EQUITY As of March 31, 2023 and December 31, 2022, the Company held 5,038,130 shares of its common stock in treasury at a total cost of $7,336,323, respectively. As of March 31, 2023, the Company had 568,985 restricted stock units ("RSUs"), 640,364 performance-based RSUs, and 759,900 stock options outstanding with $651,626 in remaining compensation expense to be recognized over the next 1.5 years. See further details below about certain subsets of these outstanding equity-based awards. 2022 EIP and LTIP On April 6, 2022, the Compensation Committee of the Board (the "Compensation Committee") approved the 2022 Executive Incentive Plan (the “2022 EIP”) for Ryan W. Oviatt, the Company's Co-CEO, Co-President, and CFO, Cameron M. Tidball, the Company's Co-CEO and Co-President, and Patrick D. Fisher, the Company's Vice President of Product Development. The 2022 EIP provided for the potential award of incentive compensation to the participants based on the Company’s financial performance in fiscal 2022. The incentive compensation was payable in cash and stock, and the stock portion of the incentive compensation is intended to constitute an award under the Company's 2014 Equity Incentive Plan, as amended (the "Plan"). Participants were eligible to receive incentive compensation based upon reaching or exceeding performance goals established by the Compensation Committee for fiscal 2022. The performance goals in the 2022 EIP were based on the Company’s total revenue, EBITDA, and a non-financial milestone relating to revenue source diversification. Each of these performance goals were weighted one third in calculating incentive compensation amounts. On March 6, 2023, the Compensation Committee approved the incentive compensation amounts based on achieving certain targets pursuant to the 2022 EIP. The incentive compensation amounts earned under the 2022 EIP were paid 50% in cash and 50% in shares of restricted stock under the Plan. The incentive compensation amounts resulted in the Compensation Committee approving a one-time bonus for Company executives that was settled by issuing a total of 341,961 shares of common stock, or 192,964 shares net of tax withholding. These shares were fully vested as of March 6, 2023. In addition to the 2022 EIP, the Board also approved as a long-term incentive plan the grants of restricted stock unit awards to Messrs. Oviatt, Tidball, and Fisher pursuant to the Plan (the “2022 LTIP”). The 2022 LTIP consists of total awards of up to 230,232 RSUs to Mr. Oviatt, up to 230,232 RSUs to Mr. Tidball, and up to 43,023 RSUs to Mr. Fisher, pursuant to two separate restricted stock unit award agreements (collectively, the “2022 LTIP Restricted Stock Unit Award Agreements”) entered into between the Company and each participant. One such agreement covers the 33% of each award recipient’s RSUs that are subject to time-based vesting, and the other such agreement covers the remaining 67% of such award recipient’s RSUs 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 unit. The vesting period of the 2022 LTIP began on January 1, 2022 and terminates on December 31, 2024 (the “2022 LTIP Performance Vesting Date”). The RSUs subject to time-based vesting, including 76,744 RSUs to Mr. Oviatt, 76,744 RSUs for Mr. Tidball, and 14,341 RSUs to Mr. Fisher, will vest in three equal and annual installments beginning December 31, 2022 and ending on December 31, 2024 if the award recipients’ employment continues with the Company through such dates. The performance-vesting RSUs, including up to 153,488 RSUs for Mr. Oviatt, 153,488 RSUs for Mr. Tidball, and 28,682 RSUs to Mr. Fisher, may vest at the end of the three-year performance period beginning January 1, 2022 based upon the following Company performance metrics: Performance Metric Weight Target Above Target Outstanding Total Shareholder Return (based on the Company’s closing price of its common stock at the end of the Performance Period relative to its closing price as of the last trading day in 2021) 1/3 89% 136% 183% Relative Total Shareholder Return (based on the Company’s ranked performance in closing stock price growth relative to a peer group of companies during the Performance Period) 1/3 Third Quartile Second Quartile First Quartile EBITDA as a Percentage of Total Revenue 1/3 10% 15% 20% One-third of such performance-vesting RSUs, consisting of 51,163 RSUs for Mr. Oviatt, 51,163 RSUs for Mr. Tidball, and 9,561 RSUs for Mr. Fisher, may vest for each of the three performance metrics identified in the table above. The number of RSUs that will vest for each performance metric on the 2022 LTIP Performance Vesting Date shall be determined as follows: a. if the “Target” level for such performance metric is not achieved, none of the RSUs relating to such performance metric will vest; b. if the “Target” level (but no higher level) for such performance metric is achieved, 50% of the RSUs relating to such performance metric will vest; c. if the “Above Target” level (but no higher level) for such performance metric is achieved, 75% of the RSUs relating to such performance metric will vest; and d. if the “Outstanding” level for such performance metric is achieved, 100% of the RSUs relating to such performance metric will vest. The foregoing summary of the 2022 EIP and the 2022 LTIP Restricted Stock Unit Award Agreements is qualified in its entirety by the text of the 2022 EIP and each of the 2022 LTIP Restricted Stock Unit Award Agreements, which are filed as exhibits to the Company's Form 10-Q for the quarter ending March 31, 2022. 2022 RSUs On June 15, 2022, pursuant to the annual renewal of director compensation, the Board approved a grant of 178,623 RSUs to the Company's 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 approximately $234,000 to be recognized over the vesting period. 2021 LTIP On May 28, 2021, the Board approved as a long-term incentive plan, the grants of restricted stock unit awards to Messrs. Oviatt, Tidball, Fugal, and Fisher pursuant to the Plan (the “2021 LTIP”). The 2021 LTIP consists of total awards of up to 204,543 RSUs to Mr. Oviatt, up to 204,543 RSUs to Mr. Tidball, up to 85,908 RSUs to Mr. Fugal, and up to 47,973 RSUs to Mr. Fisher, pursuant to two separate restricted stock unit award agreements (collectively, the “2021 LTIP Restricted Stock Unit Award Agreements”) between the Company and each participant. One agreement covers the 33% of each award recipient’s RSUs that are subject to time-based vesting, and the other agreement covers the remaining 67% of such award recipient’s RSUs 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 2021 LTIP began on January 1, 2021 and terminates on December 31, 2023 (the “2021 LTIP Performance Vesting Date”). The RSUs subject to time-based vesting, including 68,181 RSUs to Mr. Oviatt, 68,181 RSUs for Mr. Tidball, 28,636 RSUs to Mr. Fugal, and 15,991 RSUs to Mr. Fisher, vest in three The performance-vesting RSUs, including up to 136,362 RSUs for Mr. Oviatt, 136,362 RSUs for Mr. Tidball, 57,272 RSUs for Mr. Fugal, and 31,982 RSUs to Mr. Fisher, are eligible to vest over a three-year performance period beginning January 1, 2021 based upon the following Company performance metrics: Performance Metric Weight Target Above Target Outstanding Total Shareholder Return 1/3 135% 194% 253% Relative Total Shareholder Return 1/3 Third Quartile Second Quartile First Quartile EBITDA as a Percentage of Total Revenue 1/3 10% 15% 20% One-third of such performance-vesting RSUs, consisting of 45,454 RSUs for Mr. Oviatt, 45,454 RSUs for Mr. Tidball, 19,091 RSUs for Mr. Fugal, and 10,661 RSUs for Mr. Fisher, are eligible to vest for each of the three performance metrics identified in the table above. The number of RSUs that will vest for each performance metric on the 2021 LTIP Performance Vesting Date shall be determined as follows: • if the “Target” level for such performance metric is not achieved, none of the RSUs relating to such performance metric will vest; • if the “Target” level (but no higher level) for such performance metric is achieved, 50% of the RSUs relating to such performance metric will vest; • if the “Above Target” level (but no higher level) for such performance metric is achieved, 75% of the RSUs relating to such performance metric will vest; and • if the “Outstanding” level for such performance metric is achieved, 100% of the RSUs relating to such performance metric will vest. Mr. Fugal resigned, effective October 31, 2021, from his position as Vice President of Operations to pursue an opportunity as CEO of another company. Accordingly, Mr. Fugal will not receive incentive compensation under the 2021 LTIP, and his unvested RSUs have been forfeited. The foregoing summary of the 2021 LTIP is qualified in its entirety by the text of each of the Restricted Stock Unit Award Agreements, which the Company filed as exhibits to its quarterly report on Form 10-Q for the quarter ended June 30, 2021.

REVENUE

REVENUE	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Performance Obligations Our performance obligations include providing product and servicing our product as well as other combustion related equipment. 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 March 31, 2023. 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. Occasionally, we collect milestone payments up front from customers on larger jobs. These payments are classified as deferred revenue until the deliverables have been met and revenue can be properly recognized in our financial statements. Each of the contracts related to these milestone payments is short-term in nature and we expect to recognize associated revenues within one year. As a result, we consider it appropriate to record deferred revenue for these transactions and do not have any other contract liability balances. Disaggregation of Revenue We consider all revenue recognized in the income statement to be revenue from contracts with customers. The table below shows revenue by category: For the Three Months Ended March 31, 2023 2022 Electronics $ 5,980,290 $ 3,478,112 Manufactured 1,210,325 521,128 Re-Sell 6,437,897 4,879,183 Service 924,949 624,717 Total Revenue $ 14,553,461 $ 9,503,140

BASIC AND DILUTED EARNINGS (LOS

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE	BASIC AND DILUTED EARNINGS (LOSS) 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 March 31, 2023 2022 Income (Numerator) Weighted Average Shares (Denominator) Per-Share Income (Numerator) Weighted Average Shares (Denominator) Per-Share Basic EPS Net income available to common stockholders $ 2,589,621 47,174,518 $ 0.05 $ 627,161 47,481,439 $ 0.01 Effect of Dilutive Securities Stock options & RSUs — 1,438,315 — 1,054,979 Diluted EPS Net income available to common stockholders + assumed conversions $ 2,589,621 $ 48,612,833 $ 0.05 $ 627,161 $ 48,536,418 $ 0.01

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
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 March 31, Sales 2023 2022 Canada $ 2,136,204 $ 1,997,251 United States 12,417,257 7,505,889 Total Consolidated $ 14,553,461 $ 9,503,140 For the Three Months Ended March 31, Profit (Loss) 2023 2022 Canada $ (490,538) $ (352,570) United States 3,080,159 979,731 Total Consolidated $ 2,589,621 $ 627,161 As of Long-Lived Assets March 31, 2023 December 31, 2022 Canada $ 5,012,993 $ 5,067,965 United States 5,424,452 5,476,238 Total Consolidated $ 10,437,445 $ 10,544,203

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In accordance with ASC 855 "Subsequent Events," Company management reviewed all material events through the date this report was issued. On April 25, 2023, the Compensation Committee approved the 2023 Executive Incentive Plan (the “2023 EIP”) for Messrs. Oviatt, Tidball, and Fisher. The 2023 EIP provides for the potential award of incentive compensation to the participants based on the Company’s financial performance in fiscal 2023. If earned, the incentive compensation will be payable in cash and stock, and the stock portion of the incentive compensation is intended to constitute an award under the Company’s 2023 Equity Incentive Plan (the “2023 Plan”). In addition to the 2023 EIP, the Board also approved as a long-term incentive plan the grants of a restricted stock unit awards to Messrs. Oviatt, Tidball, and Fisher pursuant to the 2023 Plan (the “2023 LTIP”). The 2023 Plan was adopted by the Board of Directors on April 25, 2023, subject to shareholder approval at the annual meeting of stockholders of the Company scheduled for June 14, 2023 (the “Annual Meeting”). The Stock portion of the 2023 EIP and the 2023 LTIP will be forfeited by the executive officers if the Company’s stockholders do not approve the 2023 Plan at the Annual Meeting. 2023 EIP Under the terms of the 2023 EIP, each participating executive officer has been assigned a target incentive compensation amount for fiscal 2023. The target incentive compensation amount for Mr. Oviatt is equal to 62% of his base salary as of December 31, 2023, the target incentive compensation amount for Mr. Tidball is equal to 62% of his base salary as of December 31, 2023, and the target incentive compensation for Mr. Fisher is equal to 37% of his base salary as of December 31, 2023. Under no circumstance can the participants receive more than two times the assigned target incentive compensation. Participants will be eligible to receive incentive compensation based upon reaching or exceeding performance goals established by the Compensation Committee for fiscal 2023. The performance goals in the 2023 EIP are based on the Company’s total revenue, EBITDA, and two non-financial factors including revenue source diversification and safety and environmental performance. Each of the revenue, EBITDA, and revenue diversification performance goals will be weighted 30% while the safety and environment goal will be weighted 10% in calculating incentive compensation amounts. The incentive compensation amounts earned under the 2023 EIP, if any, will be paid 50% in cash and 50% in shares of restricted stock under the 2023 Plan, subject to the 2023 Plan being approved by shareholders as described above. In no event shall the total award exceed 200% of the target incentive compensation amount for each participant, or exceed any limitations otherwise set forth in the 2023 Plan. The actual incentive compensation amounts, if any, will be determined by the Compensation Committee upon the completion of fiscal 2023 and paid by March 15, 2024, subject to all applicable tax withholding. 2023 LTIP The 2023 LTIP consists of total awards of up to 287,076 restricted stock units (“Units”) to Mr. Oviatt, up to 287,076 Units to Mr. Tidball, and up to 50,868 Units to Mr. Fisher, pursuant to two separate restricted stock unit award agreements (collectively, the “Restricted Stock Unit Award Agreements”) to be entered between the Company and each participant. One such agreement will cover 33% of each award recipient’s Units that are subject to time-based vesting, and the other such agreement will cover the remaining 67% of such award recipient’s Units that may vest based on performance metrics. Upon vesting, and subject to the 2023 Plan being approved by shareholders as described above, the award agreements entitle the award recipients to receive one share of the Company’s common stock for each vested Unit. The vesting period of the 2023 LTIP began on January 1, 2023 and terminates on December 31, 2025 (the “Performance Vesting Date”). The Units subject to time-based vesting, including 95,692 Units to Mr. Oviatt, 95,692 Units for Mr. Tidball, and 16,956 Units to Mr. Fisher, will vest in three equal and annual installments beginning December 31, 2023 and ending on December 31, 2025 if the award recipients’ employment continues with the Company through such dates. The performance-vesting Units, including up to 191,384 Units for Mr. Oviatt, 191,384 Units for Mr. Tidball, and 33,912 Units to Mr. Fisher, may vest over a three-year performance period beginning January 1, 2023 (the “Performance Period”) based upon the following Company performance metrics: Performance Metrics Weight Target Above Target Outstanding Total Shareholder Return (based on the Company’s closing price of its common stock at the end of the Performance Period relative to its closing price as of the last trading day in 2022) 1/3 94.2% 142.7% 191.3% Relative Total Shareholder Return (based on the Company’s ranked performance in closing stock price growth relative to a peer group of companies during the Performance Period) 1/3 Third Quartile Second Quartile First Quartile EBITDA as a Percentage of Total Revenue 1/3 15% 17.5% 20% One-third of such performance-vesting Units, consisting of 63,794 Units for Mr. Oviatt, 63,794 Units for Mr. Tidball, and 11,304 Units for Mr. Fisher, may vest for each of the three performance metrics identified in the table above. The number of Units that will vest for each performance metric on the Performance Vesting Date shall be determined as follows: a. if the “Target” level for such performance metric is not achieved, none of the Units relating to such performance metric will vest; b. if the “Target” level (but no higher level) for such performance metric is achieved, 50% of the Units relating to such performance metric will vest; c. if the “Above Target” level (but no higher level) for such performance metric is achieved, 75% of the Units relating to such performance metric will vest; and d. if the “Outstanding” level for such performance metric is achieved, 100% of the Units relating to such performance metric will vest. The foregoing summary of the 2023 Executive Incentive Plan and the Restricted Stock Unit Award Agreements is qualified in its entirety by the text of the 2023 Executive Incentive Plan and each of the Restricted Stock Unit Award Agreements, which are filed as exhibits to this Quarterly Report on Form 10-Q for the quarter ending March 31, 2023.

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
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 as well as other combustion related equipment. 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 March 31, 2023. 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. Occasionally, we collect milestone payments up front from customers on larger jobs. These payments are classified as deferred revenue until the deliverables have been met and revenue can be properly recognized in our financial statements. Each of the contracts related to these milestone payments is short-term in nature and we expect to recognize associated revenues within one year. As a result, we consider it appropriate to record deferred revenue for these transactions and do not have any other contract liability balances.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories consisted of the following at each balance sheet date: As of March 31, 2023 December 31, 2022 Raw materials $ 152,080 $ 166,927 Finished goods 10,773,616 10,452,930 Subtotal 10,925,696 10,619,857 Reserve for obsolescence (336,673) (325,877) Total $ 10,589,023 $ 10,293,980

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Prepaid inventory $ 1,273,029 $ 784,420 Accrued receivables 866,677 881,176 Prepaid insurance 164,951 240,785 Interest receivables 59,163 72,761 Tax credits 98,586 118,035 Other 188,417 217,462 Total $ 2,650,823 $ 2,314,639

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following at each balance sheet date: As of March 31, 2023 December 31, 2022 Employee-related payables $ 1,416,556 $ 2,404,848 Deferred revenue 466,048 420,827 Inventory-related payables 644,629 285,109 Tax-related payables 106,002 54,762 Warranty liabilities 90,248 74,103 Other 199,445 334,345 Total $ 2,922,928 $ 3,573,994

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Components of Financing Lease Cost	The following table shows the components of financing lease cost: For the Three Months Ended March 31, Financing Lease Cost 2023 2022 Amortization of right-of-use assets $ 7,240 $ 12,418 Interest on lease liabilities 933 696 Total financing lease cost $ 8,173 $ 13,114
Operating Lease, Lease Income	Supplemental operating lease information as of March 31, 2023 is as follows: Operating right of use assets $ 30,063 Current operating lease liabilities 25,671 Long-term operating lease liabilities 4,392 Weighted-average remaining lease term in years 1.3 Weighted-average discount rate 4.5 %
Future Minimum Lease Payments to Discounted Finance Lease Liability	As of March 31, 2023, maturities of lease liabilities are as follows: Years ending December 31, Amount 2023 $ 43,439 2024 40,886 2025 11,927 2026 11,927 2027 6,958 Thereafter — Total future minimum lease payments $ 115,137 Less: Amount representing interest 6,794 Present value of future payments $ 108,343 Current portion $ 51,821 Long-term portion $ 56,522

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Share-based Compensation Arrangement By Share-based Payment Award, Performance Metrics	The performance-vesting RSUs, including up to 153,488 RSUs for Mr. Oviatt, 153,488 RSUs for Mr. Tidball, and 28,682 RSUs to Mr. Fisher, may vest at the end of the three-year performance period beginning January 1, 2022 based upon the following Company performance metrics: Performance Metric Weight Target Above Target Outstanding Total Shareholder Return (based on the Company’s closing price of its common stock at the end of the Performance Period relative to its closing price as of the last trading day in 2021) 1/3 89% 136% 183% Relative Total Shareholder Return (based on the Company’s ranked performance in closing stock price growth relative to a peer group of companies during the Performance Period) 1/3 Third Quartile Second Quartile First Quartile EBITDA as a Percentage of Total Revenue 1/3 10% 15% 20% The performance-vesting RSUs, including up to 136,362 RSUs for Mr. Oviatt, 136,362 RSUs for Mr. Tidball, 57,272 RSUs for Mr. Fugal, and 31,982 RSUs to Mr. Fisher, are eligible to vest over a three-year performance period beginning January 1, 2021 based upon the following Company performance metrics: Performance Metric Weight Target Above Target Outstanding Total Shareholder Return 1/3 135% 194% 253% Relative Total Shareholder Return 1/3 Third Quartile Second Quartile First Quartile EBITDA as a Percentage of Total Revenue 1/3 10% 15% 20% Performance Metrics Weight Target Above Target Outstanding Total Shareholder Return (based on the Company’s closing price of its common stock at the end of the Performance Period relative to its closing price as of the last trading day in 2022) 1/3 94.2% 142.7% 191.3% Relative Total Shareholder Return (based on the Company’s ranked performance in closing stock price growth relative to a peer group of companies during the Performance Period) 1/3 Third Quartile Second Quartile First Quartile EBITDA as a Percentage of Total Revenue 1/3 15% 17.5% 20%

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue by Product Line	The table below shows revenue by category: For the Three Months Ended March 31, 2023 2022 Electronics $ 5,980,290 $ 3,478,112 Manufactured 1,210,325 521,128 Re-Sell 6,437,897 4,879,183 Service 924,949 624,717 Total Revenue $ 14,553,461 $ 9,503,140

BASIC AND DILUTED EARNINGS (L_2

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Income (Numerator) Weighted Average Shares (Denominator) Per-Share Income (Numerator) Weighted Average Shares (Denominator) Per-Share Basic EPS Net income available to common stockholders $ 2,589,621 47,174,518 $ 0.05 $ 627,161 47,481,439 $ 0.01 Effect of Dilutive Securities Stock options & RSUs — 1,438,315 — 1,054,979 Diluted EPS Net income available to common stockholders + assumed conversions $ 2,589,621 $ 48,612,833 $ 0.05 $ 627,161 $ 48,536,418 $ 0.01

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Information for Geographic Areas	Segment information for these geographic areas is as follows: For the Three Months Ended March 31, Sales 2023 2022 Canada $ 2,136,204 $ 1,997,251 United States 12,417,257 7,505,889 Total Consolidated $ 14,553,461 $ 9,503,140 For the Three Months Ended March 31, Profit (Loss) 2023 2022 Canada $ (490,538) $ (352,570) United States 3,080,159 979,731 Total Consolidated $ 2,589,621 $ 627,161 As of Long-Lived Assets March 31, 2023 December 31, 2022 Canada $ 5,012,993 $ 5,067,965 United States 5,424,452 5,476,238 Total Consolidated $ 10,437,445 $ 10,544,203

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Share-based Compensation Arrangement By Share-based Payment Award, Performance Metrics	The performance-vesting RSUs, including up to 153,488 RSUs for Mr. Oviatt, 153,488 RSUs for Mr. Tidball, and 28,682 RSUs to Mr. Fisher, may vest at the end of the three-year performance period beginning January 1, 2022 based upon the following Company performance metrics: Performance Metric Weight Target Above Target Outstanding Total Shareholder Return (based on the Company’s closing price of its common stock at the end of the Performance Period relative to its closing price as of the last trading day in 2021) 1/3 89% 136% 183% Relative Total Shareholder Return (based on the Company’s ranked performance in closing stock price growth relative to a peer group of companies during the Performance Period) 1/3 Third Quartile Second Quartile First Quartile EBITDA as a Percentage of Total Revenue 1/3 10% 15% 20% The performance-vesting RSUs, including up to 136,362 RSUs for Mr. Oviatt, 136,362 RSUs for Mr. Tidball, 57,272 RSUs for Mr. Fugal, and 31,982 RSUs to Mr. Fisher, are eligible to vest over a three-year performance period beginning January 1, 2021 based upon the following Company performance metrics: Performance Metric Weight Target Above Target Outstanding Total Shareholder Return 1/3 135% 194% 253% Relative Total Shareholder Return 1/3 Third Quartile Second Quartile First Quartile EBITDA as a Percentage of Total Revenue 1/3 10% 15% 20% Performance Metrics Weight Target Above Target Outstanding Total Shareholder Return (based on the Company’s closing price of its common stock at the end of the Performance Period relative to its closing price as of the last trading day in 2022) 1/3 94.2% 142.7% 191.3% Relative Total Shareholder Return (based on the Company’s ranked performance in closing stock price growth relative to a peer group of companies during the Performance Period) 1/3 Third Quartile Second Quartile First Quartile EBITDA as a Percentage of Total Revenue 1/3 15% 17.5% 20%

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 152,080	$ 166,927
Finished goods	10,773,616	10,452,930
Subtotal	10,925,696	10,619,857
Reserve for obsolescence	(336,673)	(325,877)
Total	$ 10,589,023	$ 10,293,980

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS - Schedule of other current assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid inventory	$ 1,273,029	$ 784,420
Accrued receivables	866,677	881,176
Prepaid insurance	164,951	240,785
Interest receivables	59,163	72,761
Tax credits	98,586	118,035
Other	188,417	217,462
Total	$ 2,650,823	$ 2,314,639

ACCRUED LIABILITIES - Schedule

ACCRUED LIABILITIES - Schedule of Accrued Liabilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Employee-related payables	$ 1,416,556	$ 2,404,848
Deferred revenue	466,048	420,827
Inventory-related payables	644,629	285,109
Tax-related payables	106,002	54,762
Warranty liabilities	90,248	74,103
Other	199,445	334,345
Total	$ 2,922,928	$ 3,573,994

LEASES - Narrative (Details)

LEASES - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) warehouse	Mar. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Weighted average discount rate	4.50%
Weighted average remaining lease term	3 years 3 months 18 days
Number of warehouses | warehouse	1
Term of contract	2 years
Short-term lease cost | $	$ 18,852	$ 20,652
Minimum
Lessee, Lease, Description [Line Items]
Lease term	36 months
Maximum
Lessee, Lease, Description [Line Items]
Lease term	60 months

LEASES - Components of Financin

LEASES - Components of Financing Lease Cost (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Amortization of right-of-use assets	$ 7,240	$ 12,418
Interest on lease liabilities	933	696
Total financing lease cost	$ 8,173	$ 13,114

LEASES - Supplemental Operating

LEASES - Supplemental Operating Lease Information (Details)	Mar. 31, 2023 USD ($)
Leases [Abstract]
Operating right of use assets	$ 30,063
Current operating lease liabilities	25,671
Long-term operating lease liabilities	$ 4,392
Weighted-average remaining lease term in years	1 year 3 months 18 days
Weighted-average discount rate	4.50%

LEASES - Future Minimum Lease P

LEASES - Future Minimum Lease Payments to Discounted Finance Lease Liability (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Years ending December 31,
2023	$ 43,439
2024	40,886
2025	11,927
2026	11,927
2027	6,958
Thereafter	0
Total future minimum lease payments	115,137
Less: Amount representing interest	6,794
Present value of future payments	108,343
Current portion	51,821	$ 53,646
Long-term portion	$ 56,522	$ 67,883

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Details)						3 Months Ended
	Jun. 15, 2023	Mar. 06, 2023 shares	Jun. 15, 2022 USD ($) shares	Apr. 06, 2022 shares	May 28, 2021 bay agreement shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Mar. 06, 2022 agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Treasury stock (in shares)						5,038,130	5,038,130
Treasury stock, at cost | $						$ 7,336,323	$ 7,336,323
Compensation expense | $						$ 651,626
Compensation expense recognition period						1 year 6 months
2022 EIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of bonus paid in cash								50%
Percentage of bonus paid in stock								50%
Common stock issued (in shares)		341,961
Common stock issued, after tax (in shares)		192,964
2022 LTIP | Below Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric								0%
2022 LTIP | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric								50%
2022 LTIP | Above Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric								75%
2022 LTIP | Outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric								100%
2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance metrics | bay					3
2021 LTIP | Below Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric					0%
2021 LTIP | Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric					50%
2021 LTIP | Above Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric					75%
2021 LTIP | Outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric					100%
Tranche One | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric								33%
Tranche One | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric					33%
Tranche Two | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric								67%
Tranche Two | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of award covered by metric					67%
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)						568,985
Number of shares granted (shares)			178,623
Award vesting percentage			50%
Unrecognized compensation cost | $			$ 234,000
Restricted Stock Units | Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	50%
Restricted Stock Units | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock unit award agreements | agreement								2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units outstanding (in shares)						640,364
Performance Shares | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years
Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)						759,900
Chief Financial Officer | Restricted Stock Units | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				230,232
Chief Financial Officer | Restricted Stock Units | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					204,543
Chief Financial Officer | Performance Shares | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				153,488
Chief Financial Officer | Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					136,362
Chief Financial Officer | Performance Shares | Tranche One | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				51,163
Chief Financial Officer | Performance Shares | Tranche One | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					45,454
Chief Financial Officer | Time-based Units | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				76,744
Chief Financial Officer | Time-based Units | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					68,181
Chief Business Development Officer | Restricted Stock Units | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				230,232
Chief Business Development Officer | Restricted Stock Units | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					204,543
Number of agreements | agreement					2
Chief Business Development Officer | Performance Shares | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				153,488
Chief Business Development Officer | Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					136,362
Chief Business Development Officer | Performance Shares | Tranche One | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				51,163
Chief Business Development Officer | Performance Shares | Tranche One | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					45,454
Chief Business Development Officer | Time-based Units | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				76,744
Chief Business Development Officer | Time-based Units | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					68,181
Vice President Of Production Development | Restricted Stock Units | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				43,023
Vice President Of Production Development | Restricted Stock Units | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					47,973
Vice President Of Production Development | Performance Shares | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				28,682
Vice President Of Production Development | Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					31,982
Vice President Of Production Development | Performance Shares | Tranche One | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				9,561
Vice President Of Production Development | Performance Shares | Tranche One | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					10,661
Vice President Of Production Development | Time-based Units | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)				14,341
Vice President Of Production Development | Time-based Units | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					15,991
Annual installment period					3 years
Vice President of Operations | Restricted Stock Units | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					85,908
Vice President of Operations | Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					57,272
Vice President of Operations | Performance Shares | Tranche One | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					19,091
Vice President of Operations | Time-based Units | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)					28,636

STOCKHOLDERS' EQUITY - Performa

STOCKHOLDERS' EQUITY - Performance Metrics (Details) - shares	Apr. 06, 2022	May 28, 2021	Mar. 06, 2022
Performance Shares | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Chief Financial Officer | Performance Shares | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)	153,488
Chief Financial Officer | Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)		136,362
Chief Business Development Officer | Performance Shares | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)	153,488
Chief Business Development Officer | Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)		136,362
Vice President Of Production Development | Performance Shares | 2022 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)	28,682
Vice President Of Production Development | Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)		31,982
Vice President of Operations | Performance Shares | 2021 LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (shares)		57,272
Weight
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, relative total shareholder return		33.33%	33.33%
Performance metric percentage, total shareholder return		33.33%	33.33%
Performance metric percentage, EBITDA		33.33%	33.33%
Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, relative total shareholder return		75%	75%
Performance metric percentage, total shareholder return		135%	89%
Performance metric percentage, EBITDA		10%	10%
Above Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, relative total shareholder return		50%	50%
Performance metric percentage, total shareholder return		194%	136%
Performance metric percentage, EBITDA		15%	15%
Outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, relative total shareholder return		25%	25%
Performance metric percentage, total shareholder return		253%	183%
Performance metric percentage, EBITDA		20%	20%

REVENUE - Narrative (Details)

REVENUE - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Return period	90 days
Minimum
Disaggregation of Revenue [Line Items]
Product warranty term	90 days
Maximum
Disaggregation of Revenue [Line Items]
Product warranty term	2 years

REVENUE - Disaggregation of Rev

REVENUE - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total Revenues	$ 14,553,461	$ 9,503,140
Electronics
Disaggregation of Revenue [Line Items]
Total Revenues	5,980,290	3,478,112
Manufactured
Disaggregation of Revenue [Line Items]
Total Revenues	1,210,325	521,128
Re-Sell
Disaggregation of Revenue [Line Items]
Total Revenues	6,437,897	4,879,183
Service
Disaggregation of Revenue [Line Items]
Total Revenues	$ 924,949	$ 624,717

BASIC AND DILUTED EARNINGS (L_3

BASIC AND DILUTED EARNINGS (LOSS) PER SHARE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income (Loss) (Numerator)
Net income available to common stockholders	$ 2,589,621	$ 627,161
Stock options & RSUs	0	0
Net income available to common stockholders + assumed conversions	$ 2,589,621	$ 627,161
Weighted Average Shares (Denominator)
Weighted average basic shares outstanding (in shares)	47,174,518	47,481,439
Effect of Dilutive Securities, Stock options & RSUs (in shares)	1,438,315	1,054,979
Weighted average diluted shares outstanding (in shares)	48,612,833	48,536,418
Per-Share Amount
Basic income (loss) per share (in dollars per share)	$ 0.05	$ 0.01
Diluted income (loss) per share (in dollars per share)	$ 0.05	$ 0.01

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Sales	$ 14,553,461	$ 9,503,140
Profit (Loss)	2,589,621	627,161
Long-Lived Assets	10,437,445		$ 10,544,203
Canada
Segment Reporting Information [Line Items]
Sales	2,136,204	1,997,251
Profit (Loss)	(490,538)	(352,570)
Long-Lived Assets	5,012,993		5,067,965
United States
Segment Reporting Information [Line Items]
Sales	12,417,257	7,505,889
Profit (Loss)	3,080,159	$ 979,731
Long-Lived Assets	$ 5,424,452		$ 5,476,238

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Dec. 31, 2023	Apr. 25, 2023 shares	Jun. 15, 2022 shares	Apr. 06, 2022	Apr. 27, 2023
Restricted Stock Units
Subsequent Event [Line Items]
Number of shares granted (shares)			178,623
Performance Shares | 2023 LTIP
Subsequent Event [Line Items]
Award vesting period				3 years
Subsequent Event | 2023 EIP
Subsequent Event [Line Items]
Incentive compensation weight (in percent)		0.30
Safety and environment percentage weight		10%
Percentage of bonus paid in cash		50%
Percentage of bonus paid in stock		50%
Target payout percentage		200%
Percentage of award covered by metric					33.33%
Subsequent Event | 2023 LTIP | Below Target
Subsequent Event [Line Items]
Percentage of award covered by metric		0%
Subsequent Event | 2023 LTIP | Target
Subsequent Event [Line Items]
Percentage of award covered by metric		50%
Subsequent Event | 2023 LTIP | Above Target
Subsequent Event [Line Items]
Percentage of award covered by metric		75%
Subsequent Event | 2023 LTIP | Outstanding
Subsequent Event [Line Items]
Percentage of award covered by metric		100%
Subsequent Event | 2023 LTIP | Tranche One
Subsequent Event [Line Items]
Percentage of award covered by metric		33%
Subsequent Event | 2023 LTIP | Tranche Two
Subsequent Event [Line Items]
Percentage of award covered by metric		67%
Subsequent Event | Chief Financial Officer | 2023 EIP
Subsequent Event [Line Items]
Percentage of salary	0.62
Subsequent Event | Chief Financial Officer | Restricted Stock Units | 2023 LTIP
Subsequent Event [Line Items]
Number of shares granted (shares)		287,076
Subsequent Event | Chief Financial Officer | Time-based Units | 2023 LTIP
Subsequent Event [Line Items]
Number of shares granted (shares)		95,692
Subsequent Event | Chief Financial Officer | Performance Shares | 2023 LTIP
Subsequent Event [Line Items]
Number of shares granted (shares)		191,384
Subsequent Event | Chief Financial Officer | Performance Shares | 2023 LTIP | Tranche One
Subsequent Event [Line Items]
Number of shares granted (shares)		63,794
Subsequent Event | Chief Business Development Officer | 2023 EIP
Subsequent Event [Line Items]
Percentage of salary	0.62
Subsequent Event | Chief Business Development Officer | Restricted Stock Units | 2023 LTIP
Subsequent Event [Line Items]
Number of shares granted (shares)		287,076
Subsequent Event | Chief Business Development Officer | Time-based Units | 2023 LTIP
Subsequent Event [Line Items]
Number of shares granted (shares)		95,692
Subsequent Event | Chief Business Development Officer | Performance Shares | 2023 LTIP
Subsequent Event [Line Items]
Number of shares granted (shares)		191,384
Subsequent Event | Chief Business Development Officer | Performance Shares | 2023 LTIP | Tranche One
Subsequent Event [Line Items]
Number of shares granted (shares)		63,794
Subsequent Event | Vice President Of Production Development | 2023 EIP
Subsequent Event [Line Items]
Percentage of salary	0.37
Subsequent Event | Vice President Of Production Development | Restricted Stock Units | 2023 LTIP
Subsequent Event [Line Items]
Number of shares granted (shares)		50,868
Subsequent Event | Vice President Of Production Development | Time-based Units | 2023 LTIP
Subsequent Event [Line Items]
Number of shares granted (shares)		16,956
Subsequent Event | Vice President Of Production Development | Performance Shares | 2023 LTIP
Subsequent Event [Line Items]
Number of shares granted (shares)		33,912
Subsequent Event | Vice President Of Production Development | Performance Shares | 2023 LTIP | Tranche One
Subsequent Event [Line Items]
Number of shares granted (shares)		11,304

SUBSEQUENT EVENTS - Performance

SUBSEQUENT EVENTS - Performance Metrics (Details)	Apr. 27, 2023	Apr. 25, 2023	Mar. 06, 2022	May 28, 2021
Weight
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, total shareholder return			33.33%	33.33%
Performance metric percentage, relative total shareholder return			33.33%	33.33%
Performance metric percentage, EBITDA			33.33%	33.33%
Weight | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, total shareholder return	33.33%
Performance metric percentage, relative total shareholder return	33.33%
Performance metric percentage, EBITDA	33.33%
Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, total shareholder return			89%	135%
Performance metric percentage, relative total shareholder return			75%	75%
Performance metric percentage, EBITDA			10%	10%
Target | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, total shareholder return		94.20%
Performance metric percentage, relative total shareholder return	75%
Performance metric percentage, EBITDA		15%
Above Target
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, total shareholder return			136%	194%
Performance metric percentage, relative total shareholder return			50%	50%
Performance metric percentage, EBITDA			15%	15%
Above Target | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, total shareholder return		142.70%
Performance metric percentage, relative total shareholder return	50%
Performance metric percentage, EBITDA		17.50%
Outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, total shareholder return			183%	253%
Performance metric percentage, relative total shareholder return			25%	25%
Performance metric percentage, EBITDA			20%	20%
Outstanding | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance metric percentage, total shareholder return		191.30%
Performance metric percentage, relative total shareholder return	25%
Performance metric percentage, EBITDA		20%