|6 Months Ended|
Jun. 30, 2019
|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 and the following subsequent events occurred:
On August 1, 2019, our Board of Directors authorized an additional $2,000,000 for the share repurchase plan that was put in place on October 30, 2018. This plan allows for the repurchase of our stock at Management's discretion through October 31, 2019. As of this filing, no shares have been repurchased under this plan.
On August 5, 2019, Profire Energy, Inc., a Nevada corporation (the “Company”), entered into definitive agreement (the “Agreement”) to acquire Midflow Services, LLC. (“Midflow”). The Agreement contains certain customary representations, warranties and covenants. The transaction closed on August 5, 2019.
The Company has agreed to pay a total purchase price of $3.4 million, $2.4 million in cash and $1 million in Profire stock, in exchange for all the stock of Midflow. The purchase price is subject to an adjustment based on working capital at closing.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef