Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
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.